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Corning Inc. announces 1,000+ layoffs

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Corning Incorporated, a leading materials science company and Fortune 500 member, has confirmed the layoff of approximately 2% of its global workforce. This reduction affects around 1,000 of its 51,000 employees worldwide. The decision comes as the company faces lower-than-expected near-term revenues and ongoing macroeconomic challenges.

A company spokesperson stated that evaluating capital and operating costs was a necessary step, leading to the workforce reduction. Despite these cuts, Corning Incorporated remains optimistic about future market opportunities and plans to continue investing in growth across its various business segments.

Corning Incorporated, with a presence in over 30 countries and 150 locations globally, is set to release its 2023 fourth-quarter earnings report later this month. The layoffs reflect the company’s response to the current economic environment, balancing cost management with strategic investments for future development.